Domestic silver price
As of 10:00 on December 10, the price of 999 Phuc Loc Gold bars (1 tael) of Saigon Thuong Tin Bank Gold and Gemstone One Member Co., Ltd. (Sacombank-SBJ) was listed at VND 2.217 - VND 2.271 million/tael (buy - sell); an increase of VND 75,000/tael in both directions compared to yesterday morning.
At the same time, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at VND 2.299 - 2.370 million/tael (buy - sell); an increase of VND 104,000/tael for buying and an increase of VND 107,000/tael for selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 61.306 - 63.199 million VND/kg (buy - sell); an increase of 2.773 million VND/kg for buying and an increase of 2.853 million VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 10:20 a.m. on December 10 (Vietnam time), the world silver price was listed at 61.01 USD/ounce; an increase of 2.72 USD compared to yesterday morning.
Causes and predictions
According to precious metals analyst Christopher Lewis at FX Empire, although silver prices fluctuated strongly, they still maintained a positive trend after surpassing the threshold of 60 USD/ounce.
Christopher Lewis said that ahead of the US Federal Reserve (Fed) meeting, the corrections are still seen as buying opportunities, with key support zones around 57.50 USD/ounce and 55 USD/ounce.
"Some of the short-term declines continue to attract buying momentum, as the market awaits the Fed's decision and especially the subsequent press conference - a factor that could create big volatility," he stressed.
In case prices appear a wave of sell-offs, he said that many investors will see this as a necessary adjustment to re-enter the market. At that time, the milestones of 57.50 USD/ounce and 55 USD/ounce are expected to play a solid support role.
"However, this is not the right time to sell counterfeit money. The main trend of the market is still leaning up, so betting against the trend can have many potential risks.
Patient and strategic investors who often seek buying opportunities in short-term corrections will be able to take advantage of better profits" - Christopher Lewis expressed his opinion.
See more news related to silver prices HERE...
